Hive Digital, a Bitcoin miner turned information center facilities company, reported record income and profits in its financial very first quarter, driven by strong development in high-performance computing (HPC) hosting services together with its core mining company.
In its financial Q1 2026, Hive produced $45.6 million in overall income. Digital currency mining contributed $40.8 million, up 44.9% from the previous quarter, as the business mined 406 Bitcoin (BTC)– a 34% boost quarter-over-quarter. Bitcoin’s increasing worth even more supported the business’s efficiency.
Profits from its HPC department, running under the Buzz HPC brand name, increased 59.8% sequentially to a record $4.8 million.
On an adjusted basis, profits amounted to $44.6 million.
Although mining stays Hive’s main income chauffeur, the business is significantly leveraging innovative AI chips to broaden its HPC company. Executives Frank Holmes and Aydin Kilic informed Cointelegraph that they go for the HPC sector to reach a $100 million yearly run rate by next year.
Business shares were down a little following the profits report, with HIVE last seen trading around $2.20.
Hive isn’t the only Bitcoin miner gaining from the crypto booming market. Recently, CleanSpark reported record income and earnings, improved by rising BTC rates.
Likewise, last month MARA Holdings published a sharp income boost, driven by greater Bitcoin evaluations and broadened mining operations.
Related: Bitcoin miners and AI companies contend for inexpensive sustainable energy
Bitcoin mining market’s AI pivot continues
Hive was amongst the very first Bitcoin miners to repurpose part of its facilities for HPC and AI– a pattern that has actually just sped up throughout the market.
Previously today, TeraWulf revealed a $3.7 billion AI hosting contract with Fluidstack, an AI facilities company, with Google backing Fluidstack’s lease responsibilities. In return, Google got 41 million TeraWulf shares as part of the offer.
Core Scientific is a popular example of a Bitcoin miner whose pivot to AI restored its having a hard time company after declaring Chapter 11 insolvency throughout the last crypto bearishness. The business was later on gotten by CoreWeave in a $9 billion offer.
Hut 8 has actually released over 1,000 Nvidia H100 GPUs as part of its growth into cloud-based AI computing. In its newest quarterly profits report, the business stated it is working to “advertise AI information center chances.”
Related: Jack Dorsey’s Block targets 10-year lifecycle for Bitcoin mining rigs